Congress has passed and the President has signed a one-year extension, retroactive to January 2014, of the IRA Charitable Rollover provision for donors age 70 ½ and older to transfer tax free up to $100,000 from their IRAs to a qualified public charity, such as the TMH Foundation. Since a transfer of this nature generates neither taxable income nor a tax deduction, donors benefit even if they do not itemize tax deductions. Further, the gift can be applied, in whole or in part, toward the donor’s 2014 required minimum distribution. It does not include IRA transfers to charitable trusts, donor advised funds, charitable gift annuities or to supporting organizations.
Time is of the Essence
Please immediately contact the TMH Foundation at firstname.lastname@example.org or 850-431-5752 for further details. In order to qualify for this favorable tax treatment, all charitable IRA rollover transfers must be initiated by the donor’s IRA administrator and NOT the donor and completed by December 31, 2014.
The contents of this message are not intended as either legal, financial or tax advice. You should consult your own professional advisors before making a final decision with respect to gift plans and agreements.